Attached files
file | filename |
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8-K - FORM 8-K - SPIRE ALABAMA INC | d287836d8k.htm |
EX-99.1 - EX-99.1 - SPIRE ALABAMA INC | d287836dex991.htm |
EX-99.3 - EX-99.3 - SPIRE ALABAMA INC | d287836dex993.htm |
Exhibit 99.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 3 months ending December 31, 2011 and 2010
4th Quarter | ||||||||||||
(in thousands, except per share data) |
2011 | 2010 | Change | |||||||||
Operating Revenues |
||||||||||||
Oil and gas operations |
$ | 168,692 | $ | 252,451 | $ | (83,759 | ) | |||||
Natural gas distribution |
119,456 | 121,640 | (2,184 | ) | ||||||||
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Total operating revenues |
288,148 | 374,091 | (85,943 | ) | ||||||||
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Operating Expenses |
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Cost of gas |
47,607 | 54,038 | (6,431 | ) | ||||||||
Operations and maintenance |
100,356 | 99,584 | 772 | |||||||||
Depreciation, depletion and amortization |
84,438 | 62,840 | 21,598 | |||||||||
Taxes, other than income taxes |
22,335 | 20,453 | 1,882 | |||||||||
Accretion expense |
1,771 | 1,610 | 161 | |||||||||
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Total operating expenses |
256,507 | 238,525 | 17,982 | |||||||||
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Operating Income |
31,641 | 135,566 | (103,925 | ) | ||||||||
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Other Income (Expense) |
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Interest expense |
(13,979 | ) | (9,827 | ) | (4,152 | ) | ||||||
Other income |
1,706 | 1,730 | (24 | ) | ||||||||
Other expense |
(106 | ) | (102 | ) | (4 | ) | ||||||
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Total other expense |
(12,379 | ) | (8,199 | ) | (4,180 | ) | ||||||
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Income Before Income Taxes |
19,262 | 127,367 | (108,105 | ) | ||||||||
Income tax expense |
4,830 | 47,117 | (42,287 | ) | ||||||||
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Net Income |
$ | 14,432 | $ | 80,250 | $ | (65,818 | ) | |||||
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Diluted Earnings Per Average Common Share |
$ | 0.20 | $ | 1.11 | $ | (0.91 | ) | |||||
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Basic Earnings Per Average Common Share |
$ | 0.20 | $ | 1.12 | $ | (0.92 | ) | |||||
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Diluted Avg. Common Shares Outstanding |
72,269 | 72,081 | 188 | |||||||||
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Basic Avg. Common Shares Outstanding |
72,082 | 71,862 | 220 | |||||||||
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Dividends Per Common Share |
$ | 0.135 | $ | 0.13 | $ | 0.005 | ||||||
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1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the 12 months ending December 31, 2011 and 2010
Year-to-date | ||||||||||||
(in thousands, except per share data) |
2011 | 2010 | Change | |||||||||
Operating Revenues |
||||||||||||
Oil and gas operations |
$ | 948,526 | $ | 958,762 | $ | (10,236 | ) | |||||
Natural gas distribution |
534,953 | 619,772 | (84,819 | ) | ||||||||
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Total operating revenues |
1,483,479 | 1,578,534 | (95,055 | ) | ||||||||
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Operating Expenses |
||||||||||||
Cost of gas |
233,523 | 316,988 | (83,465 | ) | ||||||||
Operations and maintenance |
419,119 | 429,165 | (10,046 | ) | ||||||||
Depreciation, depletion and amortization |
283,997 | 247,865 | 36,132 | |||||||||
Taxes, other than income taxes |
91,734 | 84,961 | 6,773 | |||||||||
Accretion expense |
6,837 | 6,178 | 659 | |||||||||
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Total operating expenses |
1,035,210 | 1,085,157 | (49,947 | ) | ||||||||
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Operating Income |
448,269 | 493,377 | (45,108 | ) | ||||||||
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Other Income (Expense) |
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Interest expense |
(44,822 | ) | (39,222 | ) | (5,600 | ) | ||||||
Other income |
2,334 | 4,285 | (1,951 | ) | ||||||||
Other expense |
(456 | ) | (643 | ) | 187 | |||||||
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Total other expense |
(42,944 | ) | (35,580 | ) | (7,364 | ) | ||||||
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Income Before Income Taxes |
405,325 | 457,797 | (52,472 | ) | ||||||||
Income tax expense |
145,701 | 166,990 | (21,289 | ) | ||||||||
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Net Income |
$ | 259,624 | $ | 290,807 | $ | (31,183 | ) | |||||
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Diluted Earnings Per Average Common Share |
$ | 3.59 | $ | 4.04 | $ | (0.45 | ) | |||||
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Basic Earnings Per Average Common Share |
$ | 3.60 | $ | 4.05 | $ | (0.45 | ) | |||||
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Diluted Avg. Common Shares Outstanding |
72,332 | 72,051 | 281 | |||||||||
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Basic Avg. Common Shares Outstanding |
72,056 | 71,845 | 211 | |||||||||
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Dividends Per Common Share |
$ | 0.54 | $ | 0.52 | $ | 0.02 | ||||||
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2
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of December 31, 2011 and December 31, 2010
(in thousands) |
December 31, 2011 | December 31, 2010 | ||||||
ASSETS |
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Current Assets |
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Cash and cash equivalents |
$ | 9,541 | $ | 22,659 | ||||
Accounts receivable, net of allowance |
231,925 | 286,849 | ||||||
Inventories |
74,012 | 59,302 | ||||||
Regulatory asset |
57,143 | 28,286 | ||||||
Other |
71,547 | 89,187 | ||||||
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Total current assets |
444,168 | 486,283 | ||||||
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Property, Plant and Equipment |
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Oil and gas properties, net |
3,783,842 | 2,919,144 | ||||||
Utility plant, net |
813,428 | 782,622 | ||||||
Other property, net |
23,506 | 17,461 | ||||||
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Total property, plant and equipment, net |
4,620,776 | 3,719,227 | ||||||
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Other Assets |
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Regulatory asset |
95,633 | 105,365 | ||||||
Long-term derivative instruments |
31,056 | | ||||||
Other |
45,783 | 52,685 | ||||||
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Total other assets |
172,472 | 158,050 | ||||||
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TOTAL ASSETS |
$ | 5,237,416 | $ | 4,363,560 | ||||
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Current Liabilities |
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Long-term debt due within one year |
$ | 1,000 | $ | 5,000 | ||||
Notes payable to banks |
15,000 | 305,000 | ||||||
Accounts payable |
302,048 | 268,214 | ||||||
Regulatory liability |
58,279 | 75,703 | ||||||
Other |
167,552 | 164,694 | ||||||
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Total current liabilities |
543,879 | 818,611 | ||||||
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Long-term debt |
1,153,700 | 405,254 | ||||||
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Deferred Credits and Other Liabilities |
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Regulatory liability |
87,234 | 110,447 | ||||||
Deferred income taxes |
806,127 | 615,084 | ||||||
Long-term derivative instruments |
34,663 | 112,936 | ||||||
Other |
179,650 | 147,185 | ||||||
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Total deferred credits and other liabilities |
1,107,674 | 985,652 | ||||||
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Total Shareholders Equity |
2,432,163 | 2,154,043 | ||||||
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TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
$ | 5,237,416 | $ | 4,363,560 | ||||
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3
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending December 31, 2011 and 2010
4th Quarter | ||||||||||||
(in thousands, except sales price data) |
2011 | 2010 | Change | |||||||||
Oil and Gas Operations |
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Operating revenues |
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Natural gas |
$ | 96,654 | $ | 118,633 | $ | (21,979 | ) | |||||
Oil |
47,490 | 113,082 | (65,592 | ) | ||||||||
Natural gas liquids |
23,975 | 18,626 | 5,349 | |||||||||
Other |
573 | 2,110 | (1,537 | ) | ||||||||
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Total |
$ | 168,692 | $ | 252,451 | $ | (83,579 | ) | |||||
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Production volumes |
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Natural gas (MMcf) |
18,810 | 18,156 | 654 | |||||||||
Oil (MBbl) |
1,744 | 1,397 | 347 | |||||||||
Natural gas liquids (MMgal) |
24.8 | 21.3 | 3.5 | |||||||||
Total production volumes (MMcfe) |
32,820 | 29,588 | 3,232 | |||||||||
Total production volumes (MBOE) |
5,470 | 4,931 | 539 | |||||||||
Revenue per unit of production including effects of all derivative instruments |
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Natural gas (Mcf) |
$ | 5.14 | $ | 6.53 | $ | (1.39 | ) | |||||
Oil (barrel) |
$ | 27.23 | $ | 80.93 | $ | (53.70 | ) | |||||
Natural gas liquids (gallon) |
$ | 0.97 | $ | 0.87 | $ | 0.10 | ||||||
Revenue per unit of production including effects of qualifying cash flow hedges |
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Natural gas (Mcf) |
$ | 5.14 | $ | 6.53 | $ | (1.39 | ) | |||||
Oil (barrel) |
$ | 79.18 | $ | 80.93 | $ | (1.75 | ) | |||||
Natural gas liquids (gallon) |
$ | 0.97 | $ | 0.87 | $ | 0.10 | ||||||
Revenue per unit of production excluding effects of all derivative instruments |
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Natural gas (Mcf) |
$ | 3.45 | $ | 3.67 | $ | (0.22 | ) | |||||
Oil (barrel) |
$ | 90.89 | $ | 80.14 | $ | 10.75 | ||||||
Natural gas liquids (gallon) |
$ | 1.14 | $ | 0.95 | $ | 0.19 | ||||||
Other data |
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Lease operating expense (LOE) |
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LOE and other |
$ | 49,874 | $ | 46,215 | $ | 3,659 | ||||||
Production taxes |
14,109 | 11,659 | 2,450 | |||||||||
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Total |
$ | 63,983 | $ | 57,874 | $ | 6,109 | ||||||
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Depreciation, depletion and amortization |
$ | 74,128 | $ | 53,176 | $ | 20,952 | ||||||
General and administrative expense |
$ | 16,973 | $ | 12,230 | $ | 4,743 | ||||||
Capital expenditures |
$ | 448,851 | $ | 330,972 | $ | 117,879 | ||||||
Exploration expenditures |
$ | 514 | $ | 10,217 | $ | (9,703 | ) | |||||
Operating income |
$ | 11,323 | $ | 117,344 | $ | (106,021 | ) |
4
Natural Gas Distribution |
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Operating revenues |
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Residential |
$ | 74,157 | $ | 80,441 | $ | (6,284 | ) | |||||
Commercial and industrial |
29,186 | 31,442 | (2,256 | ) | ||||||||
Transportation |
14,665 | 15,006 | (341 | ) | ||||||||
Other |
1,448 | (5,249 | ) | 6,697 | ||||||||
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Total |
$ | 119,456 | $ | 121,640 | $ | (2,184 | ) | |||||
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Gas delivery volumes (MMcf) |
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Residential |
4,407 | 4,790 | (383 | ) | ||||||||
Commercial and industrial |
2,151 | 2,250 | (99 | ) | ||||||||
Transportation |
10,901 | 12,491 | (1,590 | ) | ||||||||
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Total |
17,459 | 19,531 | (2,072 | ) | ||||||||
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Other data |
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Depreciation and amortization |
$ | 10,310 | $ | 9,662 | $ | 648 | ||||||
Capital expenditures |
$ | 16,814 | $ | 17,756 | $ | (942 | ) | |||||
Operating income |
$ | 20,675 | $ | 19,005 | $ | 1,670 |
5
SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 12 months ending December 31, 2011 and 2010
Year-to-date | ||||||||||||
(in thousands, except sales price data) |
2011 | 2010 | Change | |||||||||
Oil and Gas Operations |
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Operating revenues |
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Natural gas |
$ | 386,894 | $ | 483,935 | $ | (97,041 | ) | |||||
Oil |
467,320 | 404,625 | 62,695 | |||||||||
Natural gas liquids |
87,466 | 65,161 | 22,305 | |||||||||
Other |
6,846 | 5,041 | 1,805 | |||||||||
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Total |
$ | 948,526 | $ | 958,762 | $ | (10,236 | ) | |||||
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Production volumes |
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Natural gas (MMcf) |
71,718 | 70,924 | 794 | |||||||||
Oil (MBbl) |
6,318 | 5,131 | 1,187 | |||||||||
Natural gas liquids (MMgal) |
91.4 | 79.0 | 12.4 | |||||||||
Total production volumes (MMcfe) |
122,688 | 112,989 | 9,699 | |||||||||
Total production volumes (MBOE) |
20,448 | 18,832 | 1,616 | |||||||||
Revenue per unit of production including effects of all derivative instruments |
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Natural gas (Mcf) |
$ | 5.39 | $ | 6.82 | $ | (1.43 | ) | |||||
Oil (barrel) |
$ | 73.97 | $ | 78.86 | $ | (4.89 | ) | |||||
Natural gas liquids (gallon) |
$ | 0.96 | $ | 0.83 | $ | 0.13 | ||||||
Revenue per unit of production including effects of qualifying cash flow hedges |
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Natural gas (Mcf) |
$ | 5.39 | $ | 6.82 | $ | (1.43 | ) | |||||
Oil (barrel) |
$ | 79.90 | $ | 78.86 | $ | 1.04 | ||||||
Natural gas liquids (gallon) |
$ | 0.96 | $ | 0.83 | $ | 0.13 | ||||||
Revenue per unit of production excluding effects of all derivative instruments |
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Natural gas (Mcf) |
$ | 3.93 | $ | 4.22 | (0.29 | ) | ||||||
Oil (barrel) |
$ | 90.53 | $ | 75.06 | 15.47 | |||||||
Natural gas liquids (gallon) |
$ | 1.11 | $ | 0.86 | 0.25 | |||||||
Other data |
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Lease operating expense (LOE) |
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LOE and other |
$ | 202,094 | $ | 182,180 | $ | 19,914 | ||||||
Production taxes |
54,951 | 42,721 | 12,230 | |||||||||
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Total |
$ | 257,045 | $ | 224,901 | $ | 32,144 | ||||||
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Depreciation, depletion and amortization |
$ | 244,081 | $ | 203,821 | $ | 40,260 | ||||||
General and administrative expense |
$ | 64,322 | $ | 52,549 | $ | 11,773 | ||||||
Capital expenditures |
$ | 1,115,452 | $ | 717,782 | $ | 397,670 | ||||||
Exploration expenditures |
$ | 13,110 | $ | 64,584 | $ | (51,474 | ) | |||||
Operating income |
$ | 363,131 | $ | 406,729 | $ | (43,598 | ) |
6
Natural Gas Distribution |
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Operating revenues |
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Residential |
$ | 343,740 | $ | 414,870 | $ | (71,130 | ) | |||||
Commercial and industrial |
136,469 | 159,658 | (23,189 | ) | ||||||||
Transportation |
55,234 | 57,049 | (1,815 | ) | ||||||||
Other |
(490 | ) | (11,805 | ) | 11,315 | |||||||
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Total |
$ | 534,953 | $ | 619,772 | $ | (84,819 | ) | |||||
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Gas delivery volumes (MMcf) |
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Residential |
21,132 | 24,463 | (3,331 | ) | ||||||||
Commercial and industrial |
9,994 | 10,985 | (991 | ) | ||||||||
Transportation |
44,614 | 46,479 | (1,865 | ) | ||||||||
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Total |
75,740 | 81,927 | (6,187 | ) | ||||||||
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Other data |
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Depreciation and amortization |
$ | 39,916 | $ | 44,042 | $ | (4,126 | ) | |||||
Capital expenditures |
$ | 73,984 | $ | 93,566 | $ | (19,582 | ) | |||||
Operating income |
$ | 86,216 | $ | 88,383 | $ | (2,167 | ) |
7